Kevin McCarthy: Debt Limit Should Be Treated ‘Like Our Own Household’

House Speaker Kevin McCarthy (R-Calif.) previewed Republicans’ strategy regarding how to handle the U.S. debt limit after Treasury Secretary Janet Yellen warned that the limit will be reached next week.

Kevin McCarthy: "We are now going to have deficit for a trillion dollars a year for as long as the eye can see. So, what I really think we should do is treat this like we would treat our own household. If you had a child and you gave him a credit card and they kept hitting the limit, you wouldn't just keep increasing it, you'd first see what are you spending your money on, how can we cut items out. Every government has to do this. Every state has to balance their budget, county, city. For the White House to say they won't even look at it, they can't find one penny out of a dollar of eliminating waste, I think they're just trying to put us into bankruptcy."

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